Dot-Com Nation

A wave of retail earnings this week seemed likely to highlight the very fragile state of the consumer. Instead, the takeaway has been different: E-commerce might just be saving the economy. Earlier this week, Walmart reported better-than-expected results, boosted not just by its essential wares but by a booming digital operation. Walmart's e-commerce sales were up 74% in the last quarter. Today, Target said its first-quarter digital "comparable sales" were up 141% from a year ago. Its same-day delivery business was up 278%.

The results for Lowe's were even more impressive, given that it doesn't sell food and drugs. The home-improvement chain said its comparable sales rose 11% during the quarter, helped by an 80% surge in e-commerce. Earlier this week Home Depot reported its own 80% rise in digital sales, with a majority of buyers choosing to pick up orders in stores.  

Facebook, meanwhile, hit an all-time high a day after the company announced its new Facebook Shops initiative, which is built to help small businesses boost their digital presence. Here's Facebook's pitch: 

Facebook Shops make it easy for businesses to set up a single online store for customers to access on both Facebook and Instagram. Creating a Facebook Shop is free and simple. Businesses can choose the products they want to feature from their catalog and then customize the look and feel of their shop with a cover image and accent colors that showcase their brand. This means any seller, no matter their size or budget, can bring their business online and connect with customers wherever and whenever it’s convenient for them. 

Job losses are soaring, but Americans still want to shop. And investors are rewarding the efforts to make it happen. Amazon.com hit its own all-time high today. Ebay reached a 52-week high. Home Depot is now up 9% this year, Target is up 10%, and Walmart is up 6%. Lowe's is just about flat. They're all doing far better than the S&P 500, which is still down 8% on the year.